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Transparency report

Transparency report

The KPMG Fakhro transparency report for the year ended 30 September 2015 is prepared to describe our structure and governance.

Transparency report

KPMG Fakhro is affiliated with KPMG International, a Swiss cooperative which is a legal entity formed under Swiss law. Further details about KPMG International and its business, including our relationship with it, are available in the supplement to the KPMG International Transparency Report.

KPMG Fakhro is a partnership registered in Kingdom of Bahrain under the Ministry of Industry, Commerce and Tourism with commercial registration number 6220-02. The partners of KPMG Fakhro holding shares in the firm are Hussain Qassim, Jamal Fakhro, C N Ramachandran, Jaafar AlQubaiti, and Jalil Al Aali.

During the year to 30 September 2015, there was an average of 19 partners in KPMG Fakhro (2014: 19 partners).

Name and ownership

KPMG is the registered trademark of KPMG International and is the name by which the member firms are commonly known. The rights of member firms to use the KPMG name and marks are contained within agreements with KPMG International.

Member firms are generally locally owned and managed. Each member firm is responsible for its own obligations and liabilities. KPMG International and other member firms are not responsible for a member firm’s obligations or liabilities. The firm is owned by its equity partners.

Member firms may consist of more than one separate legal entity. If this is the case, each separate legal entity will be responsible only for its own obligations and liabilities, unless it has expressly agreed otherwise.

Governance structure

We apply high standards of corporate governance.

The Senior Partner, Jamal Fakhro, is responsible for leading the Board and ensuring that the Board members receive accurate, timely and clear information and ensuring effective communication and relationships with the members at large.

The Board

The main governance body for KPMG Fakhro is the Bahrain Board, which is responsible for the long term growth and sustainability of the Firm. It provides leadership to the organization, sets the Firm’s strategy and oversees its implementation, monitoring performance against our business plan.

The Bahrain Board consists of Jamal Fakhro (Managing Partner), Jaffar AlQubaiti (Head of Audit), C N Ramachandran (Head of Advisory), Craig Richardson (Head of Tax), Jalil Al Aali (Head of Risk), Ahmed Abu-Sharkh, Gopal Balasubramaniam, Rajesh Menon and Jeyapriya Partiban. 

The Bahrain Board meets at least four times in a year, and is chaired by the Managing Partner. The mandate of the Board include; Approval of annual accounts and transparency report, approval of bonus payments, appointment/termination of key management personnel, decisions to buy/sell/rent/transfer of ownership of Firm’s movable and immovable properties, etc.

In addition to the meetings of the Bahrain Board, The partners meet in a formal meeting twice every year. The partners discuss among other things the firms’ quarterly performance, risk management issues and HR related matters.

The Firm’s major functions (Audit, Tax and Advisory) and sub-functions/Service Lines are led by Partners. The management team consisting of Directors, Senior Managers and Managers, meet on a monthly basis. The Infrastructure teams consist of Admin, Finance, IT, HR, Markets and RM supports the functional business group to carry out their business effectively.

In addition, the Management Teams deals with key aspects of governance within the group that report into the Bahrain Board.

The KPMG Fakhro Transparency Report for the year ended 30 September 2015 is prepared in accordance with the standards set by article 40 of the European Union Statutory Audit Directive, to describe our system of quality control as well as our structure and governance.